Dear property managers, management agents, property owners, and compliance consultants,
We are reaching out with an update to our replacement reserve policy and process. This work has been supported by broad engagement with our asset management group and is designed to ensure consistency and clarity of process. You can see the updates below regarding the Reserve for Replacement Funds Policy in the Core-Development Manual.
Existing Reserve for Replacement Funds Policy
OHCS portfolio properties that are bound by the department's Reserve for Replacement (RFR) funds policy must formally request authorization for the use of RFR funds. The department officially approves such requests when it determines that the request satisfies the provisions of the department’s RFR policy.
Updates to the Reserve for Replacement Funds Policy
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To improve alignment with other administrative processes, the department's Reserve for Replacement policy has been updated and is now located on the Core-Development web page: 8.T1 Reserve for Replacement policy.
Requests must be made using the new submission link: Reserve for Replacement Request portal. The initial page will collect some cursory information and then will prompt users to upload a completed Reserve for Replacement Request form.
Effective immediately, all requests for the use of RFR funds must be made via the instructions provided in memorandum 8.T1 Reserve for Replacement. Further, all requests must conform to the updated RFR policy to receive approval.
As always, we appreciate your partnership and welcome your feedback. Please reach out to your OHCS Asset Management Analyst associate should you have any questions. You can also email ARH.Portfolio@hcs.oregon.gov.
